NTA & Investment Update · Argo Infrastructureis listed on the Australian SecuritiesExchange (ASX)...
Transcript of NTA & Investment Update · Argo Infrastructureis listed on the Australian SecuritiesExchange (ASX)...
Argo Global Listed Infrastructure Limited | 1
1 After all costs, including any tax payable.2 As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated
tax onunrealisedgains/lossesintheportfolio.Thatis,aftertaxthatmayariseiftheentireportfoliowas sold.
3 These figures are after provision for the interim dividend of 3.0 cents per share.
ASX code ALI
Listed July 2015
Portfolio Manager Cohen & Steers
Shareholders 9,700
Market cap. $311m
Management fee 1.2%
Performance fee Nil
Hedging Unhedged
Dividend yield^ 3.0%
Argo Infrastructure29 Feb3 31 Jan
NTA per share1 $2.56 $2.74NTA per share after unrealised tax provision2 $2.46 $2.60
NET TANGIBLE ASSET (NTA) BACKING PER SHARE
Jason Beddow Managing Director
Benjamin Morton SeniorPortfolioManager
Robert Becker PortfolioManager
Tyler Rosenlicht PortfolioManager
Key personnel
Company objective Provide a total return for long-term investors consisting of capital growthand dividend income, from a global listed infrastructure portfolio which providesdiversification benefits for Australianinvestors.
Company overviewProvidesexposuretoanactivelymanagedportfolio of global listed infrastructurecompanies. Argo Infrastructure has no debt.
NTA & Investment UpdateAT 29 FEBRUARY 2020
PORTFOLIO PERFORMANCE
3 mths 1 year 3 years (p.a.)Since
incept. (p.a.)
Portfolio 2.5% 18.0% 16.0% 11.0%
Benchmark* 1.8% 16.5% 14.2% 10.9%
S&P/ASX 200** -5.2% 8.6% 8.6% 7.6%
*FTSEGlobalCoreInfrastructure50/50Index(inA$)**AccumulationIndex
About the Portfolio ManagerA leading specialist global real assets fund manager listed on the New York Stock Exchange, Cohen & Steers manages funds of approximately US$70 billion fromofficesaroundtheworldonbehalfof institutional clients and sovereignwealth funds.
^Yield of 4.3% (including franking) based on dividends paid to shareholders over the last 12 months.
MARKET COMMENTARYAfterrallyingbrieflyinearlyFebruary,equitymarketsgloballydeclinedsharplyasmountingconcernsofaglobalcoronaviruspandemicdrovewidespreadselling.Infrastructurestocksalsofell,albeitlessthanbroaderequities.Theportfolio returned -4.7% for the month, ahead of the benchmark indexand outperforming broader equities globally by +0.3% in A$ terms anddomesticallyby+3.0%.
Since the end of February, markets have weakened further and in the short-term, we believe the risks to economic growth have increased and markets will remainhighlyvolatileas theeffectsof thecoronaviruson theglobaleconomy unfold.
Inspiteofmarketvolatility,weremainconfidentthatinthelong-termtheunderlying assets held by global listed infrastructure companies will prove relatively resilient by generating stable, long-term cash flows throughchallengingeconomicconditions.
Weekly NTA announcementFor the latest weekly NTA estimate,please see argoinfrastructure.com.au.
ENTITLEMENT OFFER UPDATEInlightoftherapidlyescalatingcoronavirussituation,theBoardhasresolvedtowithdrawArgoInfrastructure’sEntitlementOffer.ShareholderswhohavealreadyacceptedtheEntitlementOfferwillhavetheirmoniesreturnedinfullassoonaspracticable.Weconsiderthisdecisiontobeinthebestinterestsof shareholders as the short-term outlook is so uncertain.
TheBoardmayconsideranotheroffertoshareholdersinthefuturewhenconditionsaremorestable.ACN 604 986 914
Argo Global Listed Infrastructure Limited | 2
ARGO INFRASTRUCTURE SHAREHOLDER BENEFITS
Global diversificationExposure across various geographies and both emerging and developed economies
Access infrastructure opportunitiesNewopportunitiesoffshorethroughgovernmentprivatisations
Enhance risk-adjusted returnsLessvolatilethanbroaderequitiesprovidingsomerelativedownsideprotection
Proven investment approachExperienced and senior investment team with a long and successful track record
Administratively simple global investingExposure to a large and complex asset class through one simple ASX trade
Specialist global fund managerAccess to a world-leading, specialist infrastructure fund manager
ACN 604 986 914
CONTACT USBoardroom Pty LimitedWinvestorserve.com.auT 1300 389 922
SHARE REGISTRY ENQUIRIES
Thisreporthasbeenpreparedasgeneralinformationonlyandisnotintendedtoprovidefinancialadviceortakeintoaccountyourobjectives,financialsituationorneeds.Youshouldconsider,withafinancialadviser,whethertheinformationissuitableforyourcircumstancesbeforemakingany investment decisions. Past performance is no guarantee of future results. This announcement is authorised by Tim Binks, Company Secretary.
W argoinfrastructure.com.auT 08 8210 9555E [email protected] Level25,91KingWilliamSt.AdelaideSA5000
PORTFOLIOSector diversification
HOW TO INVESTArgoInfrastructureislistedontheAustralianSecuritiesExchange(ASX)undertheASXcode‘ALI’. To become a
shareholder,simplybuysharesthroughyourstockbroker,onlinebroker,financialadviserorplatform.
Geographic diversification
^Many large infrastructure companies are listed in the United States, althoughtheiroperationsandearningsareoftenglobal.
0.4%
0.7%
1.8%
3.1%
5.7%
6.9%
8.3%
10.8%
11.3%
14.2%
36.8%
Diversified
Marine Ports
Cash
Gas Distribution
Water
Toll Roads
Airports
Midstream Energy
Railways
Communications
Electric
1.9%
1.8%
3.4%
5.6%
5.7%
6.5%
7.3%
11.1%
56.7%
United Kingdom
Cash
Japan
Latin America
Australia
Asia Pacific
Canada
Europe
United States ^